August 27, 2010

By By Andre Paine, London

The U.K. Pensions Regulator has been asked to rule on the funding of the EMI pension scheme because the trustees and the company cannot reach agreement, the BBC reports.

It will be the first time the Pensions Regulator has decided how much extra cash should be pumped into a company scheme to clear its deficit. The body is empowered by the government to regulate work-based pension in Britain.

The shortfall in the EMI pension fund is estimated at between ?115 million ($178.2 million) and ?217 million ($336.2 million).

In its annual report, EMI said the dispute over the size of the deficit was a factor that had led to "fundamental uncertainty" over the company's future.

Subscribe to Billboard magazine today!